Petroleum Africa
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Thursday, October 2, 2014
CAMAC Energy Inc. saw an independent assessment of its prospective resources for four offshore Nigeria prospects located within OMLs 120 and 121, increasing those resources almost fivefold. The independent assessment, conducted by DeGolyer and MacNoughton (D&M), has the company’s unrisked P50 recoverable resources jumping from 537 million barrels of oil to 2,377 million barrels in four of its top exploration prospects.
The company has identified drilling locations that have been identified on each of the four prospects, and technical work is continuing to allow for the first exploration well to be drilled in H1 2015. The wells will target the Miocene formation, which has been successfully demonstrated to be a prolific oil producing layer in deepwater Nigeria. The exploration drilling program will be carried out utilizing either the drillship Energy Searcher, which is currently under contract drilling the Oyo-7 and Oyo-8 development wells, or a second rig to be contracted. The exploration program will be funded with future cash flows from the Oyo-7 and Oyo-8 development wells, cash on hand, and available credit facilities.
The company also reported separately that the suspended rig activities of the Energy Searcher drillship have now resumed, and the technical problem with the BOP control hoses has now been resolved. New hoses have been installed, and the BOP is fully function tested.
Kase Lawal, chairman and CEO, commented: “The increase in P50 resources on these four prospects and what that represents in term of the potential of our deepwater Nigerian assets is monumental. These results have been achieved through a combination of both the focused efforts of the skilled geoscientists on our team who, bring tremendous local knowledge of the basin and who have played key roles in the discovery of other giant fields within the vicinity of OMLs 120 and 121; and the application of superior techniques that have led to successful discoveries in the Nigerian deepwater by other operators. The team has spent considerable time developing the regional framework, utilizing the latest in geoscience and enhanced quantitative interpretation techniques, to define these four high-impact prospects with combined unrisked recoverable P50 resources of almost three billion boe. This is a near fivefold increase from our previous assessment of these prospects. Moving forward, we believe these resources, coupled with substantial near-term increases in production, will deliver significant value for our shareholders.”
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